Education Loan for Canada – Fast, Affordable & Fully Guided With PayStudy

Canada remains one of the top study-abroad destinations for Indian students thanks to its globally recognised universities, high-quality education system, post-study work opportunities, and strong career prospects. In 2023, Canada welcomed over 320,000+ international students from India, reflecting continued demand.

However, the cost of studying in Canada is significant. Average tuition fees for international graduate students are ~CAD 21,000 per year, and living expenses are mandatory to prove under Canadian student visa financial requirements making an education loan for Canada essential for many students.

A study-abroad loan not only funds your education but also helps you meet Canadian visa proof-of-funds requirements, including the CAD 20,635 GIC (Guaranteed Investment Certificate) requirement for 2024-25.

With PayStudy, you can compare lenders, get expert guidance, and secure a low-interest overseas education loan for Canada with a fast digital process.

Cost of Studying in Canada

Average Tuition Fees in Canada

Program	Annual Fees (CAD)
Undergraduate Programs	CAD 18,000 – CAD 40,000
Postgraduate / Master's Programs	CAD 17,000 – CAD 50,000
Diploma Courses	CAD 12,000 – CAD 25,000

Cost of Living in Canada (Monthly Estimates)

Expense Category	Approx Cost (CAD)
Accommodation	600 – 1,200
Utilities	150 – 200
Food & Groceries	250 – 350
Travel & Transit	80 – 150
Health Insurance	75 – 100
Miscellaneous	150 – 250

Note: Cost varies by city. Toronto & Vancouver are typically the most expensive; Quebec, Winnipeg & Calgary offer lower living costs.

Types of Education Loans for Canada

TStudents can choose between secured and unsecured education loans.

SSecured Education Loan (With Collateral)

Collateral can include:

Residential/commercial property
Fixed deposits, bonds, LIC policies
Non-agricultural land (case-to-case)

Benefits

Lower interest rate
Higher loan amount
Longer tenure
No mandatory co-applicant in most cases

Best for students targeting high-budget programs or needing larger loan coverage.

Unsecured (No-Collateral) Education Loan

Ideal for students without property to pledge.

Requirements:

Co-applicant income and credit score
Strong academics & university admit

Note: International lenders can offer no-collateral, no co-applicant loans for select programs.

Best Secured Loans for Canada (With Collateral)

Lender	Max Loan Amount	Interest Rate	Margin
SBI	Up to ₹1.5 Cr	9.65% (girls), 10.15% (boys)	10%
Union Bank	Up to ₹1.5 Cr	9.25% – 10.50%	10%–15%

Best Unsecured Loans for Canada (No Collateral)

Lender	Max Amount	Interest Rate	Margin
Axis Bank	₹40L	From 11%	5%
ICICI Bank	₹40L	10.85% – 15.50%	0–15%
IDFC First Bank	₹75L	11% – 12.25%	Nil
HDFC Credila	₹50L	10.25% – 12.75%	Nil
Auxilo	₹40L	10.5% – 13%	Nil
InCred	₹40L	11.65% – 13.5%	Nil
Avanse	₹40L	12% – 13.25%	Nil
MPOWER Financing	$100,000	12.99% – 13.99%	Nil
Prodigy Finance	$100,000	12% – 14%	15–30% of expenses

PayStudy helps you compare these options to find the best study-abroad loan platform experience based on your profile and intake timeline.

Need Help in education loan?

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Target Course Country *

Admission Status *

Required Loan Amount *

Programs Eligible for Canadian Student Loans

Loans are available for:

Undergraduate programs
Postgraduate programs (MS/MEng/MBA/Masters)
UG & PG Diploma programs
Doctoral/PhD programs
Vocational & technical programs

Ensure your institution is DLI-listed for visa eligibility.

Expenses Covered Under Canada Education Loans

Loans can cover:

Tuition & lab fees
Admission & exam fees
Travel & visa fees
Health insurance
GIC deposits
Books, laptop & supplies
Accommodation & utilities
Living expenses
University security deposits

Interest accrues only on the disbursed amount, not the sanctioned limit.

Eligibility Criteria

Indian citizen, minimum 18 years
Admission from a recognised Canadian institution
Valid English proficiency scores
Good academic record
Collateral (for secured loan) or co-applicant (for unsecured loan)

PayStudy improves your approval chances with lender-specific documentation & profile optimisation.

Documents Required

Applicant KYC
Admission/Offer letter
University fee structure
Passport & academic transcripts
IELTS/TOEFL/Duolingo score
Co-applicant income proofs (for unsecured loan)
Property documents (for secured loan)
Bank statements (3–6 months)
Completed loan application form

PayStudy provides a custom digital document checklist for smoother submission.

GIC (Guaranteed Investment Certificate)

Canadian student visa applicants must deposit CAD 20,635 (2024-25 requirement) in a GIC account.

GIC providers include:

Scotiabank
ICICI Bank Canada
CIBC
HSBC Canada
SBI Canada

Amount is released monthly after arrival in Canada for living expenses.

Loan Sanction & Pre-Visa Disbursement

For the Canada Visa process:

Loan sanction letter is required as proof of funds
Pre-visa loan disbursement may be needed depending on the case

PayStudy ensures faster processing & accurate documentation.

Repayment Terms & Options

Lender	Tenure	Moratorium Options
SBI	Up to 15 yrs	No payment / SI
UBI	Up to 15 yrs	No payment / SI
Axis Bank	Up to 15 yrs	SI / EMI
ICICI Bank	Up to 10 yrs	SI / EMI
IDFC First	Up to 12 yrs	PSI / SI / EMI
HDFC Credila	Up to 15 yrs	PSI
Auxilo	Up to 15 yrs	SI
InCred	Up to 15 yrs	PSI / SI
Avanse	Up to 15 yrs	PSI / SI
MPOWER Finance	Up to 10 yrs	SI
Prodigy Finance	Up to 15 yrs	SI